Rumble (NASDAQ:RUM) Shares Gap Up - Here's Why

Rumble Inc. (NASDAQ:RUM - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $9.36, but opened at $9.98. Rumble shares last traded at $9.46, with a volume of 2,088,535 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Wedbush set a $8.00 price objective on Rumble and gave the company a "neutral" rating in a research report on Tuesday, April 15th.

Rumble Price Performance

The business has a 50-day moving average of $8.49 and a 200 day moving average of $9.51. The company has a market cap of $3.91 billion, a PE ratio of -14.30 and a beta of 0.75.

Rumble (NASDAQ:RUM - Get Free Report) last issued its quarterly earnings results on Tuesday, March 25th. The company reported ($1.15) EPS for the quarter, missing analysts' consensus estimates of ($0.13) by ($1.02). The company had revenue of $30.20 million during the quarter, compared to analysts' expectations of $29.74 million. Rumble had a negative return on equity of 62.75% and a negative net margin of 152.81%. The business's revenue for the quarter was up 48.0% compared to the same quarter last year. On average, equities analysts predict that Rumble Inc. will post -0.62 EPS for the current fiscal year.

Institutional Trading of Rumble

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. IFP Advisors Inc increased its position in Rumble by 70.9% in the fourth quarter. IFP Advisors Inc now owns 2,000 shares of the company's stock worth $26,000 after buying an additional 830 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in shares of Rumble by 50.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,933 shares of the company's stock worth $38,000 after acquiring an additional 980 shares during the period. North Star Investment Management Corp. grew its position in shares of Rumble by 60.0% during the first quarter. North Star Investment Management Corp. now owns 4,000 shares of the company's stock worth $28,000 after purchasing an additional 1,500 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Rumble by 12.7% during the fourth quarter. Bank of New York Mellon Corp now owns 13,396 shares of the company's stock worth $174,000 after purchasing an additional 1,510 shares in the last quarter. Finally, Arizona State Retirement System grew its position in shares of Rumble by 9.4% during the first quarter. Arizona State Retirement System now owns 18,727 shares of the company's stock worth $132,000 after purchasing an additional 1,615 shares in the last quarter. Hedge funds and other institutional investors own 26.15% of the company's stock.

About Rumble

Rumble Inc operates video sharing platforms in the United States, Canada, and internationally. The company operates rumble.com, a free-to-use video sharing and livestreaming platform where users can subscribe to channels to stay in touch with creators, and access video on-demand (VOD) and live content streamed by creators.